GBP Futures: extra gains not ruled out

Open interest in GBP futures markets rose by a marginal 311 contracts on Tuesday, reversing three consecutive daily pullbacks. Volume, instead, extended the choppy performance and shrunk by nearly 15.2K contracts.

GBP/USD eyes the 21-day SMA near 1.3080

Cable is prolonging the positive start of the week amidst rising open interest and the surpass of the key 1.30 mark. Against this backdrop, a move to the 1.3080 region – where sits the 21-day SMA – would not be surprising in the near-term. The persistent drop in volume could intially spark some consolidation arund current levels.